Homework Answers
*Current assets: The assets that a company expects to convert to cash within one year or its operating cycle. w.e. is longer. Currenet Assets: Cash;Accounts Receivable; Supplies;Prepaid Assets.
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| Account Item | Financial Statement | Classification |
| Accounts Payable | Balance sheet | Liabilities |
| Accumulated Depreciation | Balance Sheet | Contra Entry |
| Common Stock | Balance Sheet | Equity |
| Depreciation Expense | Income Statement | Expenses |
| Equipment | Balance Sheet | Long-term assets |
| Retained Earnings | Balance Sheet | Equity |
| Service Revenue | Income Statement | Revenues |
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The following items are taken from the adjusted trial balance of Westley Company for the month...
The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company...
The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company Worksheet (Partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,980 Prepaid Rent 60 Equipment 22,800 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,800 Accounts Payable 5,000 Common Stock 20,310 Retained Earnings 7,150 Dividends 3,750 Service Revenue 16,000 Salaries and Wages Expense 10,520 Rent Expense 900 Depreciation Expense 650 Interest Expense 90 Interest Payable 90 Totals...
The adjusted trial balance columns of the worksheet for Ayayai Company are as follows. Ayayai Company...
The adjusted trial balance
columns of the worksheet for Ayayai Company are as follows. Ayayai
Company Worksheet (Partial) For the Month Ended April 30, 2019
Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,900 Accounts
Receivable 7,500 Prepaid Rent 2,000 Equipment 23,000 Accumulated
Depreciation—Equip. 4,700 Notes Payable 5,500 Accounts Payable
5,200 Common Stock 21,110 Retained Earnings 7,000 Dividends 3,900
Service Revenue 15,800 Salaries and Wages Expense 10,500 Rent
Expense 900 Depreciation Expense 610 Interest Expense 80 Interest
Payable 80 Totals...
Exercise 4-3 The adjusted trial balance columns of the worksheet for DeSousa Company a DeSousa Company...
Exercise 4-3 The adjusted trial balance columns of the worksheet for DeSousa Company a DeSousa Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation-Equip. 4,921 Notes Payable 5,700 Accounts Payable 4,920 Common Stock 20,000 Retained Earnings 7,960 Dividends 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019....
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search Video Company. Star Search Video Company Adjusted Trial Balance Data December 31, 20D Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Furniture & Fixtures Building Capital Stock Cash Copyrights Dividends Declared Furniture & Fixtures Land Note Payable (10%, duc in 5 years) Office Supplies Prepaid Insurance Retained Earnings (January 1, 20D) Salaries Payable Service Revenue Salaries Expense Utilities Expense Depreciation Expense Insurance Expense Office Supplies...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment $4.030 6.040 1,760 180 240 3.210 1,120 220 1,010 6,470 2.400 730 380 190 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
The following items are taken from the financial statements of Sheridan Company at December 31, 2022....
The following items are taken from the financial statements of Sheridan Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $197,500 21,500 10,400 11,900 82,900 261,000 46,400 5,200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200 47,100...
Question 2 The adjusted trial balance columns of the worksheet for Indigo Company are as follows....
Question 2
The adjusted trial balance columns of the worksheet for Indigo
Company are as follows. No ordinary shares were issued during
April.
INDIGO COMPANY
Worksheet (partial)
For the Month Ended April 30, 2017
Adjusted Trial Balance
Account Titles
Dr.
Cr.
Cash
7,099
Accounts Receivable
7,241
Prepaid Rent
2,491
Equipment
22,834
Accumulated Depreciation—Equip.
4,680
Notes Payable
5,613
Accounts Payable
5,569
Share Capital—Ordinary
21,320
Retained Earnings
4,887
Dividends
3,439
Service Revenue
12,434
Salaries and Wages Expense
9,933
Rent Expense
829
Depreciation...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 180,000 120,000 15,000 30,000 2,000 2,500...
The adjusted trial balance columns of the worksheet for Monty Company are as follows. Monty Company Worksheet (Partial) For the Month Ended April 30, 2022 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,980 Prepaid Rent 60 Equipment 22,800 Accumulated Depreciation-Equip. 4,500 Notes Payable 5,800 Accounts Payable 5,000 Common Stock 20,310 Retained Earnings 7,150 Dividends 3,750 Service Revenue 16,000 Salaries and Wages Expense 10,520 Rent Expense 900 Depreciation Expense 650 Interest Expense 90 Interest Payable 90 Totals...
The adjusted trial balance
columns of the worksheet for Ayayai Company are as follows. Ayayai
Company Worksheet (Partial) For the Month Ended April 30, 2019
Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,900 Accounts
Receivable 7,500 Prepaid Rent 2,000 Equipment 23,000 Accumulated
Depreciation—Equip. 4,700 Notes Payable 5,500 Accounts Payable
5,200 Common Stock 21,110 Retained Earnings 7,000 Dividends 3,900
Service Revenue 15,800 Salaries and Wages Expense 10,500 Rent
Expense 900 Depreciation Expense 610 Interest Expense 80 Interest
Payable 80 Totals...
Exercise 4-3 The adjusted trial balance columns of the worksheet for DeSousa Company a DeSousa Company Worksheet (Partial) For the Month Ended April 30, 2019 Adjusted Trial Balance Account Titles Dr. Cr. Cash 10,000 Accounts Receivable 7,840 Prepaid Rent 2,280 Equipment 23,050 Accumulated Depreciation-Equip. 4,921 Notes Payable 5,700 Accounts Payable 4,920 Common Stock 20,000 Retained Earnings 7,960 Dividends 3,650 Service Revenue 15,590 Salaries and Wages Expense 10,840 Rent Expense 760 Depreciation Expense 671 Interest Expense 57 Interest Payable 57 Totals...
Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,350 5,650 4,480 42,000 $24,000 3,000 4,450 3,875 8,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Rent Expense Insurance Expense Depreciation Expense Income Taxes Expense 2,255 10,500 99,600 49,400 17,250 2,200 4,950 5,400 Totals $145,180 $145,180...
Cornerstone Exercise 3-26 (Algorithmic) Preparing a Balance Sheet Sparrow Company had the following adjusted trial balance at December 31, 2019. Sparrow Company Adjusted Trial Balance December 31, 2019 Debit Credit Cash $3,050 5,650 4,480 42,000 Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation, Equipment Accounts Payable Salaries Payable Unearned Service Revenue $24,000 2,700 4,450 3,875 8,000 2,255 Common Stock Retained Earnings Dividends 10,500 Service Revenue 99,600 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 49,400 17,250 2,200 4,950 Required: Prepare a...
1. (12 pts) The following data were taken from the adjusted trial balance of Star Search Video Company. Star Search Video Company Adjusted Trial Balance Data December 31, 20D Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Furniture & Fixtures Building Capital Stock Cash Copyrights Dividends Declared Furniture & Fixtures Land Note Payable (10%, duc in 5 years) Office Supplies Prepaid Insurance Retained Earnings (January 1, 20D) Salaries Payable Service Revenue Salaries Expense Utilities Expense Depreciation Expense Insurance Expense Office Supplies...
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) Goodwill Common stock Equipment Accounts payable Patents Stock investments (long-term) Accounts receivable Prepaid rent Debt investments (short-term) Retained earnings Cash Notes payable (long-term) Unearned sales revenue Accumulated depreciation-equipment $4.030 6.040 1,760 180 240 3.210 1,120 220 1,010 6,470 2.400 730 380 190 Prepare a classified balance sheet for Yahoo! Inc. as of December 31, 2022. (List Current Assets in order of...
The following items are taken from the financial statements of Sheridan Company at December 31, 2022. Land Accounts receivable Supplies Cash Equipment Buildings Land improvements Notes receivable (due in 2023) Accumulated depreciation-land improvements Common stock Retained earnings (December 31, 2022) Accumulated depreciation-buildings Accounts payable Mortgage payable Accumulated depreciation equipment Interest payable Income taxes payable Patents Investments in stock (long-term) Debt investments (short-term) $197,500 21,500 10,400 11,900 82,900 261,000 46,400 5,200 13,500 80,000 490,000 32,800 10,400 95,500 18,900 3,800 15,200 47,100...
Question 2
The adjusted trial balance columns of the worksheet for Indigo
Company are as follows. No ordinary shares were issued during
April.
INDIGO COMPANY
Worksheet (partial)
For the Month Ended April 30, 2017
Adjusted Trial Balance
Account Titles
Dr.
Cr.
Cash
7,099
Accounts Receivable
7,241
Prepaid Rent
2,491
Equipment
22,834
Accumulated Depreciation—Equip.
4,680
Notes Payable
5,613
Accounts Payable
5,569
Share Capital—Ordinary
21,320
Retained Earnings
4,887
Dividends
3,439
Service Revenue
12,434
Salaries and Wages Expense
9,933
Rent Expense
829
Depreciation...
The adjusted trial balance for China Tea Company at December 31, 2021, is presented below: Credit Debit 10,500 150,000 5,000 25,000 300,000 Cash Accounts receivable Prepaid rent Inventory Equipment Accumulated depreciation equipment Accounts payable Notes payable-due in three months Salaries payable Interest payable Common stock Retained earnings Dividends Sales revenue Costs of goods sold Salaries expense Rent expense Depreciation expense Interest expense Advertising expense Totals 125,000 30,000 30,000 4,000 9,000 200,000 50,000 8,000 400,000 180,000 120,000 15,000 30,000 2,000 2,500...
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